KUALA LUMPUR: Malaysian palm oil futures jumped by nearly 3 per cent on Tuesday, recovering from a more than five-month low in the previous trading session, tracking gains in related edible oils.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange rose 2.8pc to 2,040 ringgit ($491.92) a tonne by the close for its strongest daily gain in two months.
It had earlier risen as much as 2.9pc to 2,042 ringgit. Palm previously fell for seven days running, losing 5pc of its value last week.
It seems to have found a support range of 1,940-1,967 ringgit a tonne and could bounce towards 2,034 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
“The market is up tracking soyoil and on the easing of trade tensions between the United States and China,” one Kuala Lumpur-based futures trader said, though he cautioned that concerns over the trade dispute lingered in the market.
Published in Dawn, May 8th, 2019
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